But don’t expect Henry Alvarez, director of the San Francisco Housing Authority, to be out of his job any time soon. Several agency employees have whispered to the City Insider that there has a big incentive to hang on until this summer: a pension and health care for life.

July 14 marks five years since Alvarez started his job, having been hired by then-Mayor Gavin Newsom who recruited him from the same post in San Antonio. San Francisco Housing Authority employees receive a pension through California’s Public Employees Retirement System, and they vest in the pension system after – you guessed it – five years on the job. That means if Alvarez, 57, hangs on to his job until this summer, he gets a guaranteed pension, health care and health care for his spouse for life.

The pension would be calculated using a complicated formula based in part on his age, salary and years of service. It would likely be sizable considering his salary is $210,500 a year. (By the way, the Housing Authority has been covering both its and Alvarez’s pension contributions and 100 percent of the premiums on his health, dental and vision plans.) Under his contract, which expires June 12, he also gets a car, a life insurance plan and seven weeks a year of combined vacation and sick leave.

Cynical Housing Authority employees (is there any other kind?) say they expect the mayor and Alvarez will make some kind of agreement that benefits both, and it’ll be interesting to see what happens since Alvarez’s contract is up about a month before he vests into his pension plan. Rose Dennis, spokeswoman for the Housing Authority, said the pension and health care for life that Alvarez would receive if he stays employed until July isn’t a central concern.

“Mr. Alvarez is focused on the work, and he’s not distracted by the rules or the terms of engagement of the pension plan,” she said. “He’ s been very clear to us on the staff that he’s focused on getting the job done and continuing his work – that’s his focus.”